The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1887-12-10
THE MERITS OF THE CASE.


case on Monday, is probably the end of
tina, celebrated case" The frs. indict
ment quashed as insufficient; the second
mol pressed, there is hardly room for a
third and certainly all enlightened public
opinion and fair mindedness is against II.
The affidavit which Mr.. Moloney pre-
sented In support Of continuance Of the
case says In substance that Mr.. Raymond,
as county officer, In 1884 paid Mr.. Nash
double interest on two loans, &c, and
borrowed money when 1t was unnecessary
TO borrow.
The trial Of the case, could 1t have been
reached, would have developed some inter.
esting facts Of county financial history. Its
threads run back further than 1884. They
reach indeed back TO 1S79-to the time the
building of the court house itself was
begun; and the evidence would have shown
that but for the First National Banks aid
that building never would have been con.
when II was, or In the way 1t was built,
without much serious financial embaras-
ment to the county.
II will be interesting to the people who
have been waiting for " the other side " of
this case to know just what are those facts !;
and we have taken the pains to obtain
them, and find they are substantially as
follows:
When the building contract was let the
Board, through Messrs. John Miller, chair
man; A. A. Klove, chairman of finance
committee, and Martin Flaherty, G. W.
Armstrong, and E. G. Lewis, of the build.
ing committee, applied to the First Nation.
: al Bank for loan in anticipation of the
$4,000 tax levy made for building pur-
poses, agreeing to pay 8 per cent. for the
money to be obtained by them, the loans
to be evidenced by 80 day notes, signed by
the treasurer and John Miller, chairman.
They agreed also to apply all of the $780,
: 600 tax levy, as fast as collected, towards
taking up this paper so that at no time
would the county owe the bank more than
$4,000 This proposition was accepted by
the finance committee of the bank.
At that time the Board, because of its
previous land subsequently policy of levy.
Ing tax insufficient TO meet its current
expenses, was In arrears for ordinary ex.
| penses from $4,000 to $4,000. And the
3 evidence would have shown on trial that
! at the time the committe named above
applied for money, Mr.. Nash suggested TO
them the policy of levylng the full consti-
tutional limit of IS cts. for ordinary ex-
penses, In order to pay up all floating
pay for the heating and furnishing when
the time came for those payments. This
} advice was not followed. AS nine mem.
bers In ten of the Board are candidates for
, promotion to the legislature, each one
} knew that higher tax levy meant ruina-
ton to his particular prospects, and the old
! policy of insufficient levies was continued,
} and as consequence the Board got deeper
) and deeper into the mire. The bank fur
} nished money as asked for, without much
| regard to the tax levy; the county's indebt.
( ness steadily increased until Messrs.
} Nash and Hamilton were compelled to
, borrow 1876, 900 at per cent on their own
, credit to continue the building and enable
the Board to pay its current expenses; and
on jan lst, 1888, the county owed the bank
$93S00! During 1888 this amount was all
paid save $4,000. This $4,000 was evil
5 derced by three notes. all signed by John
r Miller, chairman, and by the treasurer. OF
t this amount $4,000 was paid at maturity !;
} but the balance, $4,000, evidenced by 80
notes signed by John Miller and the treas
l urer, was still due at the March term, 1884.
At this March term, 1884, John Miller,
still chairman, and f. Z. Lewis, chairman
3 of The finance committee, entered into a
r contract with the finance committee of the
, bank (Messrs. Hamilton, M. II. Swift and
NASH, whereby the bank agreed to carry
those $4,000 through the year 1884, and
until such further time as the county could
conveniently pay them. To this contract
J Mr.. Nash at the time it was made, objected,
but he was overruled by his fellow COM
mittee men, At this time, Also MIR. Nash
suggested to Miller and Lewis the plan of
borrowing the money elsewhere at lower
rate of interest and for longer terms, but
some legal objection was raised and the
matter was dropped.
The history of those two notes we have
told before. Mr.. Raymond, frightened by
several bank failure, paid the notes before
maturity 10 save his bondsmen from hor-
rible loss) specially requesting that the
notes be not cancelled and asking the Bank
to refund the interest paid, which the
Banks officers refused to do unless they
could reloan the money. But believing
they knew Raymond's reasons for pay
ment, they kept that 900 intact-never
releaned a cent of II, and when Raymond
got over his scare, bought back the